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TENNESSEE SPORTSBOOKS MAKE GAINS IN JUNE With $174 million in wagers and $18 million in revenue, sports betting enjoys offseason bounce, according to PlayTenn analysts

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(LAS VEGAS) — Tennessee’s sportsbooks capitalized on sports such as NASCAR, tennis, and golf in June to make gains in betting volume and in gross gaming revenue, producing a relatively strong offseason month, according to PlayTenn, which tracks the Tennessee gaming market.

“Tennessee remains in line with much of the country’s other legal sports betting markets, with some positive signs,” said Jessica Welman, analyst for the PlayUSA.com network, which includes PlayTenn.com. “June’s revenue and volume boost shows the industry is still healthy. Not only does it increase tax receipts, but it also better positions sportsbooks as we move closer to the football season.”

Bettors wagered $174 million at Tennessee’s online sportsbooks in June, according to official data released Tuesday by the Tennessee Education Lottery and Sports Wagering Advisory Council. That is up 8% from $161 million in May and the first month-over-month gain since March. The pace of betting increased, too, to $5.8 million per day over the 30 days of June from $5.2 million per day in May.

Sportsbooks also won a greater share of wagers in June, producing $18 million in gross gaming revenue, up 17% from $15.4 million in April. The month’s win produced $16 million in taxable revenue, yielding $3 million in tax revenue for the Volunteer State.

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Tennessee’s 15.5% decline in betting volume from $206 million in March to June is outperforming much of the U.S. March brought the highest betting volume in U.S. history, with $4.6 billion in legal bets placed across the U.S. With no football or betting holiday like March Madness, combined U.S. handle fell to $3.7 billion in both April and May. That is off 19.6% from March’s high, and the combined U.S. handle in June is on pace for a similar total as April and May.

A chief reason for Tennessee’s boost in June, though, is the seasonal change of the sports landscape. Wagers on sports such as golf, tennis, and auto racing are primarily futures bets, which are much more volatile than spread or moneyline wagers that are more typical with major team sports.

“Golf and auto racing are less popular than football with bettors, obviously, but those sports can help sportsbooks offset the dip in interest that occurs every summer,” said Nicole Russo, analyst for PlayTenn.com. “They can be critically important in helping to smooth out the natural seasonality of sports betting, and that might be especially true in an Olympics year such as this one.”

The bump in revenue is good news for sportsbooks in more ways than just the profitability of a single month. June’s 10.3% hold — the share of wagers that sportsbooks keep on events that are completed — marks just the second month sportsbooks have met the state’s 10% mandatory hold requirement and the first time since November.

Sportsbooks’ hold of 9.1% since launching in November is short of the threshold, even though it is higher than most regulated markets in the U.S. That could be a topic for the Sports Wagering Advisory Council as it considers new state regulations.

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“I would be surprised if the SWAC does not strongly consider a change to the state’s mandatory hold requirement,” Russo said. “Since the rule’s inception, it has felt like too high a threshold, and now we are seeing that borne out as the Tennessee market continues to mature.”

For more revenue information and analysis on regulated sports betting in Tennessee, visit PlayTenn.com/revenue.

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Canada

Soft2Bet granted Ontario Certification of Registration and readies for imminent launch

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Ontario Certificate is hugely promising as Soft2Bet continues its regulatory expansion

Soft2Bet, a leading provider of online betting and gaming solutions to regulated operators worldwide, is delighted to announce that it has been granted a Certificate of Registration in Ontario, Canada’s largest province, moving it one step closer to being able to launch its Tooniebet.com iGaming brand.

Obtaining its Certificate of Registration (Nbr: OPIG1280338) from the Alcohol and Gaming Commission of Ontario (AGCO) will enable Soft2Bet to continue its expansion into the world’s largest regulated jurisdictions.

Ontario has been a major success story for regulated online sports betting and casino in North America in the past two years. The province launched its regulations in April 2022 and latest figures for the fourth quarter of 2023 showed that operators recorded a 21% rise in wagers to CA$17.2bn and a 22% increase in gross gaming revenues to CA$658m, the highest ever revenue total in Ontario’s wagering history. Online casino was the main driver of this growth and generated CA$13.7bn of the total stakes and CA$471m in GGR.

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Elisabeth Isaksson, Head of Regulatory Compliance at Soft2Bet, commented: “Being registered with the AGCO in Ontario is testament to the work our compliance and regulatory teams are doing daily to enable our continued expansion in the world’s largest regulated markets. We’re immensely excited about taking our first steps in North America and look forward to licensing and launching in more jurisdictions in the region.”

Chief Business Development Officer Martin Collins added: “This Ontario certification is another significant and important step in our corporate expansion plans. It fits perfectly with our stated aim of growing our regulatory footprint and we very much look forward to continuing forward on this path.”

Soft2Bet is also actively working to obtain a licence in New Jersey and continue its expansion in the Americas. This activity comes after the group obtained B2C licences in Italy, Greece and Romania in 2023.

 

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Hacksaw Gaming and DraftKings Score Again in Ontario

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2023 saw Hacksaw Gaming go live in West Virginia and New Jersey and now we have made our long-awaited entry in Ontario, Canada. Securing this trio has hit new heights and hopes for further successes throughout the rest of this year.

DraftKings Casino entered the iGaming market in Ontario in May of 2022 and partnered with Hacksaw Gaming in the back end of the same year. As Ontario’s regulated iGaming market only went live in April of 2022, the pair have given an outstanding performance with effective launch strategies and expansive footing in North America.

Apart from gaining an unprecedented reach across regulated markets, the mobile-friendly format of Hacksaw Gaming games can be visited on phone or tablet via the DraftKings Casino app. Boasting an impressive online casino’s selection of over 300 games, DraftKings now welcomes Hacksaw Gaming favourites such as Chaos Crew, Mines, Omnom and Boxes.

“The benchmarks we have set as a partnership are remarkable and we are ready to take on more challenges continuing into 2024,” the Chief Executive Officer for Hacksaw Gaming, Marcus Cordes, said.

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Exploring Canada’s video Game Market: Survey Insights

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Technology has become a great source of entertainment to many. Video games particularly have garnered interest from all demographics. In Canada, the gaming industry has experienced significant growth, fuelled by increased accessibility to gaming platforms and the growth of online gaming communities.

Statistics indicate that a large percentage of Canadians are engaged in gaming activities, whether it be playing console or PC games, mobile games, or online multiplayer games. The popularity of video games extends beyond leisure pastimes, with many Canadians participating in gaming competitions, attending gaming conventions, and consuming gaming-related content on platforms like Twitch and YouTube.

The number of video game users in Canada reflects how broad the sector is, from mobile games to digital video games, download games and live streaming. In 2024, the gaming sector will see millions of users in each of these categories. Statista projects 13.38 million users for digital video games and 7.35 million users for online games respectively. It estimates that revenue in the Canadian video game market is expected to reach US$3,925.00m in 2024, so it is no surprise to observe the increasing popularity of the sector.

Well-known online casino provider BetVictor has compiled some key points from major surveys detailing the video game market to give further insight into its makeup and potential. The gaming culture in Canada is growing, which means the type of games and genres will grow along with the sector. Statista recently conducted a survey of 1 576 respondents aged 18 – 64 who are avid video game players, with telling results. ​​In December 2023, a survey about preferred video game genres in Canada revealed the top four genres as being Action, Action – adventure, Adventure and casual games accounting for 31% of respondents’ preferences.

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David Winter, Marketing Manager at BetVictor notes that “We’ve seen a steady increase in the popularity of action-themed and adventure-themed slots and many providers are exploring how to expand further into this market.”

The popularity of Action games such as platform and fighting games can be attributed to various factors, such as: social interaction, accessibility and inclusivity, social appeal, and cultural influence. With such a diverse audience, all these factors are crucial to understand the appeal of Action games.

In the digital age, gaming has transcended mere entertainment to become a cornerstone of culture, and nowhere is this more evident than in Canada. From coast to coast, a diverse community of gamers is thriving, reflecting the country’s inclusive spirit and passion for technology. Whether it’s the casual gamer enjoying a quick session on their smartphone or the dedicated enthusiast meticulously building a custom gaming PC, Canada offers a welcome haven for all kinds of gamers.

Diving deeper into the Statista results, Strategy games accounted for 29%. This shows us that players have a strong interest in tactical and decision-making games. While role-playing (RPG) and sports games garnered 22% each, simulation and shooters trailed slightly behind at 21% and 20% respectively.

MMO (massively multiplayer online games), as well as MMORPGs (massively multiplayer online role-playing games) and MOBA (multi online battle arenas) came in at 13% and 8% respectively, representing a significant but niche following. With such a diverse array of preferences, the survey underscores the multifaceted nature of interests among Canadian gamers. It highlights the need for game developers to cater for a wide range of genres and gameplaying styles in the Canadian market.

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From action shooter games to role-playing adventures, the industry has something for every gaming enthusiast in the Canadian market. Overall, the popularity of video games in Canada reflects a growing cultural phenomenon, where gaming has become a mainstream form of entertainment and a significant aspect of modern-day leisure activities.

Statistics anticipate a compound annual growth rate (CAGR) of 7.10% for 2022-2027, resulting in a projected market volume of US$24.52bn by 2027. Canada’s online gaming market is experiencing a surge in popularity, with a surging number of Canadian players engaging in immersive virtual reality experiences.

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